Traders positioned for a lower Bitcoin price just ran out of room. Over the last 30 minutes, the major venues liquidated $28.3M of leveraged $BTC short positions, closing them automatically when the collateral behind them could no longer cover the losses.
On the long side the damage was small. Only $296.5K of leveraged buyers were closed in the same window, so nearly all of the pain landed on people betting on a drop.
On the long side the damage was small. Only $296.5K of leveraged buyers were closed in the same window, so nearly all of the pain landed on people betting on a drop.
